Octafx scam - Eat my profit 74000$+

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The Punisher

Sergeant Major
Messages
645
This is very opened ended and allows OctaFX to close any trade they want for any reason. It states "should they be considered an abuse" therefore OctaFX is the judge, jury and executioner for any reason they choose to close a trade, or not honor a trade, that lasts less than 3 minutes!. Where is the proof from OctaFX that your trades were abusive?

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Alonedevils

Master Sergeant
Messages
315
Hello @OctaFX Rep

Please answer me the following questions,

1. Your ‘arbitrage’ Explains not match with your customer agreement, why?
2. I done my all trades manually with MT5 mobile platform. Most of the XAUUSD orders are limit orders with target point. trades hit target points automatically.. it’s permissible common trading strategy... if you not agree please explain how to perform trade in high volatility market...
3. If you are really connect my trades to direct liquidity market, what is the problem with you? It’s normal limit order micro trading. If my order hit SL than you are ready to give money from your pocket? Please explain us, how to perform ‘micro trading’.
4. Ticket number 4021385 stop out within 2 seconds from order placed, due to that lost full capital. Can you explain about this... if client losing money in short duration is it ok? No need to talk about seconds.. Manual Short trades is permissible every where!
5. my all trades are manual trades, using MT5 mobile platform,
6. What you are trying to tell? Making manual micro trades on high volatility market is illegal?
7. What about my EURUSD trade profit around 10000$

403365140336512020.03.25 07:59:34buy10.00XAUUSD.m1 609.750.000.002020.03.25 08:01:071 612.820.000.000.003 070.00

I have seen all your trading history ..

most of your profitable orders are less than a minute long ..

for me, it is impossible to run only using a mobile platform ..

I am also a scalper and very upset when scalping via mobile or maybe you are too good to do it ..
 

RahmanSL

Major
Messages
2,842
Hello Octafx rep. Just Remind you for your action with previous time passing history

March 25 - my profits on XAUUSD, cheating my 3600$ withdrawal after complete status.

March 26 - my profits on EURUSD, My account locked for trade and withdrawals. Also MT5 XAUUSD chart stopped due to my case.

March 27 to April 8 - trade investigation by TCD (your company works like stone or Bronze Age company)

April 8 - all my trades are deleted and my account come to 0$, while your company cutting my throat, Mr. Hiran (IB manager) giving me confidence words...

April 9 - I can’t access my personal area in octafx, my account blocked permanently with 600$, after 1 hour XAUUSD chat started running in Mt5... every octafx trader know this... March 26-April 9 No chat for XAUUSD due to my profits...

April 9 to April 15 - mail communions with Mr.sam TCD manager through support@octafx.com I ask him proof for arbitrage he never provided and stop replying...

april 17 - my Twitter message against octafx.

April 17 to may 7 - octafx reviewing my case... (Stone Age reviewing system)

may 7 - I come to ForexPeaceArmy.com for justice...
Now octafx rep. Come here and go to deep reviewing ocean... 3 days deep ocean...

dear octafx rep. Please don’t waste our golden time. ask your company’s higher management for quick decision.
Quite frankly, even after reading all the posts, I still do not know who is right or wrong.

To get a much clearer picture of what have transpired, screenshots of your trading account will paint a much better & clearer picture of what actually happened to the issues you having.
In particular, I am interested to know your initial deposits/size of account, normal trading lot size before the "arbitrage" trades, and trade sizes during the period considered as "arbitrage".
 

OctaFX Rep

octafx.com Representative
Messages
181
actually OctaFx already shows that they are marketmakers by providing swap-free, fixed spread. Most of the brokers that stated that they are regulated at St. Vincent and the Grenadines are are mostly used to avoid strict restrictions.
Dear ycteow,

Please allow us to remind you of the difference between an ECN and MM broker. An ECN broker executes all orders through liquidity providers, whereas a market maker processes trades in-house. OctaFX is an ECN broker; all transactions are passed directly to our liquidity providers. And, we earn from commissions, which are included in the spread as a markup. Simultaneously, we try to minimize trading costs as most of them are covered by us, including deposits, withdrawal, among other competitive trading advantages. We welcome you to check our Customer Agreement, where it is clearly outlined that we’re an ECN/STP broker.

Our legal address is located in St. Vincent and the Grenadines only because it allows us to operate internationally and provide services to an international clientele. Keep in mind that a place of incorporation by no means determines the brokerage type. You can rest assured that our clients’ financial security is one of our top priorities. We provide an extensive set of safety features designed to keep your funds fully protected at all times. We follow all the necessary international regulations, such as the AML policy, and provide segregated accounts. Not to mention that our website is SSL-protected, and all accounts must undergo verification. And last but not least, if we were trading against our traders, we wouldn’t be here for over 9 years.

We hope we managed to address your concerns in full, and we’d be happy to hear from you if you have other questions.

Kind regards,
OctaFX Rep.
 

bivv93

Recruit
Messages
1
I was cheated by octafx, octafx eat my profit money 74000$+. I believe ForexPeaceArmy can help me in this case. I have all proofs with me. My account number 6058799.

On 25th March 2020 I made profit around 68000$+ on XAUUSD, I made a withdrawal request 3600$ and showed complete status, but after I made 55000$ Withdrawal request that 3600$ Request changed to pending status, than I ask to customer support they said some time it’s Take 3 days, I never get that 3600$ till date (I have trade history .html and .csv files contain this detail), the same day’s night I got whatsapp chat and call from Mr.tarun (IB) he talk nicely and congratulate me as “sir you made good profit” and explain about my gifts like android phone and ear pod etc... ( I have whatsapp chat history proof)

On 26th March 2020 I made profit on EURUSD than my account balance 74000$+, suddenly my account blocked, than they said investigation, arbitrage, TCD team, customer agreement.

On 9th April 2020. They just give back my deposit money around 600$ & After 2 weeks their XAUUSD chart runs on mt5. What this means?

Questions for octafx.com

1. You are using cysec license number for octafx.com but that license number only for octafx.eu. Why you are cheating traders while you are not regulated by cysec

2. Your so called arbitrage! Give evidence and prove my trade uses arbitrage strategy.

3. Your customer agreement p 4.8 said you can cancel only arbitrage orders. How you cancel all orders? Please prove with my trade history.

4. I come to know octafx.com is B-Book broker company (Mr. Tarun octafx IB confirms) Everything fine with your company until make profits, you are happy while clients lose their money because it’s come to your pocket directly, but while clients made profit you are not ready to give... but this time you need to give!

I ask ForexPeaceArmy admins and users to support and protect ordinary traders like me.

I am ready to produce all proofs from my side including trade history ( I download that before octafx delete )
It is true that almost any one can register from any country these days. The issue is that this OCTAFX Broker is probably from Pathan Community from Pakistan who are doing money scams since centuries. These people also make cheap but attractive local targetted ads as well for Pakistani community present domestically and internationally. Same goes for the MaxFX Broker who are a group of Pathan people in city of SWAT in Pakistan. Those pathan people of MaxFX Broker also appear in OctaFX ads. You can also check it.
 

4evermaat

2nd Lieutenant
Messages
2,133
Please allow us to remind you of the difference between an ECN and MM broker. An ECN broker executes all orders through liquidity providers, whereas a market maker processes trades in-house. OctaFX is an ECN broker; all transactions are passed directly to our liquidity providers. And, we earn from commissions, which are included in the spread as a markup. Simultaneously, we try to minimize trading costs as most of them are covered by us, including deposits, withdrawal, among other competitive trading advantages. We welcome you to check our Customer Agreement, where it is clearly outlined that we’re an ECN/STP broker.
It's one thing to say you are an "ECN" broker, and another thing to prove it with your actions. I would love to see:

- Post trade reports showing which LP took the other side of trade, total execution times, snapshot of order book with competing pricing at the time of the order (at least 5 limit orders in each direction).

- no more reports of clients saying their client portal gets locked out, accounts frozen, etc. without a specific cause.

- it would be impossible to renege trades under a ECN that uses a proper matching engine. As the engine is specifically designed to offer finality of each trade, similar to a regulated exchange.

As a "true ECN" would be able to provide such reports to their clients, and never have a need to lock accounts without a very specific reason (e.g. a poorly programmed EA that is sending too many order requests), not sure why OctaFx would even attempt to call itself ECN. Since there are very few genuine ECN brokerages in retail (or even in the "institutional" professional space), I won't hold my breath waiting for OctaFx to prove these things (with actions/business model).

I can respect MM broker who can just be honest about their business model. But those who lie about their business models will get exposed on FPA. For those needing a little more information on the different tier brokers, check this article.
 
Messages
21
Dear ycteow,

Please allow us to remind you of the difference between an ECN and MM broker. An ECN broker executes all orders through liquidity providers, whereas a market maker processes trades in-house. OctaFX is an ECN broker; all transactions are passed directly to our liquidity providers. And, we earn from commissions, which are included in the spread as a markup. Simultaneously, we try to minimize trading costs as most of them are covered by us, including deposits, withdrawal, among other competitive trading advantages. We welcome you to check our Customer Agreement, where it is clearly outlined that we’re an ECN/STP broker.

Our legal address is located in St. Vincent and the Grenadines only because it allows us to operate internationally and provide services to an international clientele. Keep in mind that a place of incorporation by no means determines the brokerage type. You can rest assured that our clients’ financial security is one of our top priorities. We provide an extensive set of safety features designed to keep your funds fully protected at all times. We follow all the necessary international regulations, such as the AML policy, and provide segregated accounts. Not to mention that our website is SSL-protected, and all accounts must undergo verification. And last but not least, if we were trading against our traders, we wouldn’t be here for over 9 years.

We hope we managed to address your concerns in full, and we’d be happy to hear from you if you have other questions.

Kind regards,
OctaFX Rep.
Hello, @OctaFX Rep you still alive!
 
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